Labour leader Ed Miliband, UKIP's Nigel Farage, the SNP's Nicola Sturgeon, Plaid Cymru's Leanne Wood and Green leader Natalie Bennett are taking part.
Lib Dem leader Nick Clegg complained the debate would be "lopsided" without either of the government parties.
The PM said it was part of a deal to "unblock the logjam" over debates but Labour accused him of "ducking" them.
The BBC contest, hosted by David Dimbleby, is the latest in the schedule of election programmes agreed after months of wrangling between the parties and the broadcasters.
Prime Minister David Cameron and Lib Dem Deputy Prime Minister Mr Clegg are not taking part.
Mr Clegg said he had been "denied the opportunity" to speak because David Cameron had not wanted to take part. Mr Cameron agreed to do one TV debate with six other party leaders, which took place last month.
Austerity
It was decided that this debate would be for party leaders that were not in government, meaning Mr Clegg was not offered a place on the podium.Leanne Wood was the first party leader to make an opening statement, telling the audience at London's Methodist Central Hall there was an alternative to the "austerity myth" and that Plaid Cymru MPs would work with other "progressive" parties to bring it about.
Source:BBC
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